Piper Jaffray Cuts Bristol-Myers (BMY) PT, Raises Merck's (MRK) Following BMY's CM-026 Failure
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Piper Jaffray analyst Richard Purkiss lowered his price target on Neutral-rated Bristol-Myers Squibb Co. (NYSE: BMY) to $65.00 (from $69.00) following news Friday that its CheckMate-026 (CM-026) trial of Opdivo missed its primary endpoint in the treatment of PD-L1+ expressors (>5% PD-L1+,~55-60% of patients) in first-line NSCLC (1L NSCLC). This failure was in stark contrast to Merck’s Keytruda which met the primary and secondary endpoint of Progression Free Survival (PFS) and Overall Survival (OS) in 1L NSCLC in PD-L1 high expressors (>50% PD-L1+,~25-30% of patients).
Meanwhile, the firm raised its price target on Neutral-rated Merck (NYSE: MRK) to $62.00 (from $58.00) on the same news.
Shares of Bristol-Myers Squibb Co. closed at $63.28 yesterday.
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